15 TOP IMPORT-EXPORT BUSINESS IDEAS TO START IN INDIA

 Starting an import-export business really isn’t rocket science and can be hugely rewarding and make you financially successful but of course, is going to take time, dedication and some all fashioned hard work.

Knowing how to start an import-export business is challenging and will take some study and research but the rewards are great.  Import and Export Agent in Delhi has simplified this task herein by providing a few tips and ideas on what to think about as you start your import-export business venture:

1.      Your Own Import And Export Business

Some reports state that around 70% of us are unhappy in our job. This being true, it’s always possible to change career, take the plunge and start up your own international trading business.

It’s scary but for those that do and are willing to take the time to learn a new business, do their research, create a business and marketing plan and have the guts to take action, it’s well worth it. Nothing’s easy in this world but once a few sales start to come in, it’s a very rewarding feeling seeing something come to life that you’ve built.

2.      Minimum Investment For Import Export Business

Other than knowing how to start an import-export business, the next question is inevitable, how much will it cost? There’s no single answer to that question, it depends on many factors. Obviously, if you’re importing high-end luxury cars from Italy, you are going to need a significant amount of capital behind you, much more than if you were to import grapes from France for example. So it’s not so much, “how much do I need” as much as what’s in your business plan and how will you fund it?

 

3.       Is Your Product Hot or Not?

You’ve thought long and hard about the products you want to either import and sell or what products you’re producing for export.  Many are eager to jump right in, buy stock and start selling, however before you dive headfirst into your import-export business and spend your hard-earned money on a stock, it’s vital to test the water and find out if others are as enthusiastic about your product as you.

4.      Find the Best Products for the Lowest Price

When it comes to selecting and sourcing products, my advice is, it’s best to perhaps pick an industry that you are familiar with so there’s less of a learning curve, if you’re into mobile phone technology and already know a and understand lot in this field, it can be a good idea to follow this road. You’ll already understand the products that you’re looking at and probably know to price already so these are a few advantages to sticking to what you know.

5.      Get Samples From Suppliers

Facing buyers will be a key part of any trading that you do and following some simple guidelines will make the process easier, give you more confidence and give you a much higher conversion rate. Buyers will want to see samples of the goods they intend to buy and samples come in all shapes and sizes.

Some are easy to obtain from suppliers such as clothing, toys and watches. Others are bulky, such as construction and capital equipment. Most producers will give a limited number of samples free of charge to a serious buyer or at a nominal cost.

6.      A Range of Products Earns Bigger Profits

Now that you have sourced your product, got your samples, conducted your research which is proving positive, you may feel ready to dive in, start your import-export business and start approaching buyers and retailers, asking them to place orders.

Before taking that jump, it’s very wise not to become complacent and make sure you vary your product range. This offers several advantages. Concentrating on selling just one product will limit you. You should ideally have a complimentary range of products.

7.      Understanding Agencies

Generally speaking, setting up as an export and import agent can be the way to go if you’re looking for minimal financial commitment as it requires less financial exposure, so this is something to definitely consider. Many businesses are set up as agencies. There are two main types of agencies available and it’s extremely important you understand both. There are traditional agents and brokers.

8.      The Art Of The Deal

Negotiation is one of the highlights of being an entrepreneur and being “the boss”. This is where you can set the terms of your business and drive a hard bargain. Negotiating is a key part of any business from the trader at your local market stall, to multi-billion pound companies the world over.

9.      How To Find Buyers

Finding buyers for your products is obviously key to any import-export business. There are several ways to find these buyers and I bet we have some suggestions for you that you haven’t thought of.

10.  Incoterms 2020

This is where you can really take hold of your import-export business and show your import export knowledge. Terms of delivery are fundamental to any business trading internationally and once you’re familiar with these you will be in a much stronger position to negotiate and trade.

 

11.  Freight Forwarders

One other big part of the business of import and export is knowing how to use a freight forwarder.  Eventually, you’re going to need to use one, you’ll outgrow the post office, the bigger your shipment size of your import and exports, so it’s worth understanding how they can help you and what to be aware of. 

12.  Marine Insurance

Needless to say, insurance of your goods is a must. Without this, the money that you’ve paid for your goods, should anything go wrong, is unprotected and will hit your cash flow and profits hard. Accidents happen and it’s a risk not worth taking and something that can easily be covered by insuring each shipment.

13.  Those Pesky Contract Terms and Conditions

Terms and conditions of trade are possibly the most fundamental part of the business. Without terms and conditions agreed upon, there will never be a contract signed or an order placed. Understanding the terms that your business associates want you to trade under and just as importantly, the terms that you will operate your business under, is massively important.

14.  Setting Up Your Company

The final step is to decide how your company should be set up. There are two options, setting up as self-employed or as a Limited Company.

Many trades successfully use both types of setup but you must decide what’s best for you. Consulting an accountant and explaining your current situation, can be wise before you decide. An experienced accountant will help you make an informed decision and advise you on which financial records you need to keep. Most accountants will give you one hour of their time for a reasonable cost.

 

15.  Keep the Tax Man Happy!

VAT is a big part of running a business and it’s extremely important to understand this as an entrepreneur and business person. One of the advantages of being registered is that you can reclaim the VAT you pay on goods you bought for your business but NOT on personal purchases.

16.  Import Export Business Plan

As with anything in life, it’s important to plan. If you don’t make a plan and just make it up as you go along, you’re far more likely to fail. Make a plan and write it down. Work backwards and analyse what you’ll need to achieve your goal your dream. You’ll need suppliers, so find the best suppliers using the tips we mentioned above, research, make contact, start to build a network, start talking to people.

17.  Build Your Own Website

Once you’ve sourced your products and established your product range, consider how you’re going to sell your products.  Your own website has several advantages as you can cut out the middle man from any direct sales and also act as a shop window for your company for any new suppliers you’ll contact making you serious and professional.

18.  Be Your Own Boss – Get The Right Training

There’s more to learn to fully run your own import-export company but this should give you some good groundwork. Once you’ve thought about these points and written down your ideas and made notes after doing your homework, you’ll be in a much stronger position to get going.